Islamic REITs as an Investment Asset for Waqf Management in Indonesia - Part 1

Editor's Note: In this series of articles on IslamicBanker.com, Yoga Prakasa explores Islamic REITs as an investment asset for waqf management in Indonesia, with particular focus on regulatory framework and shariah-compliancy. 

Waqif (the party who part with its asset) has created awqaf (plural of waqf) since the time of the Prophet (pbuh). They are considered as avenues for waqif to obtain continuing religious rewards as the awqaf assets are to be maintained in perpetuity to fulfil the needs of the beneficiaries as intended by the waqif. [1] Traditionally in the past, waqif is associated with the rich as only rich people can donate hard assets such as land and building. Although cash waqf had been approved in the 8th century, it was not until the 16th century...